Teal Mountain Inc., a private company, is authorized to issue an unlimited number of common shares and 100,000 noncumulative $4 preferred shares. It began operations on January 1, 2021, and the following are selected transactions during 2021. Jan. 1 2 Dec. 1 31 Issued 240,000 common shares for $120,000 cash. Issued 24,000 preferred shares for $45 cash per share. Declared a total of $206,300 in dividends, payable on January 5, to shareholders of record on December 13. Determined that it had total revenues of $903,000 and operating expenses of $620,000. Teal Mountain elected to report under ASPE. It has a 15% income tax rate and paid income tax instalments during the year of $35.700.